Bonten Media Group Completes Acquisition of BlueStone Television

Bonten Media Group Completes Acquisition of BlueStone Television

NEW YORK, June 4 /PRNewswire/ -- Bonten Media Group, LLC and its affiliates announced today that it has successfully completed the acquisition of BlueStone TV Holdings Inc., a wholly owned subsidiary of BlueStone Television LLC. The acquisition was completed on May 31, 2007.

Bonten Media Group was formed by Diamond Castle Holdings, LLC, a New York based private equity firm with $1.85 billion of committed capital under management, in partnership with Randy Bongarten, a veteran broadcasting executive and former President of Emmis Television. Bonten Media Group seeks to acquire and operate network-affiliated television stations in attractive markets across the United States.

BlueStone Television, founded in 2002 by Sandy DiPasquale in partnership with Providence Equity Partners, owns or has joint sales and shared services agreements with 14 television stations (including three digital multicast stations) with multiple network affiliations in eight markets nationwide. BlueStone Television's markets include Tri-Cities in Tennessee and Virginia; Greenville, New Bern and Washington in North Carolina; Chico, Redding and Eureka in California; Abilene, Sweetwater and San Angelo in Texas; and Missoula, Butte, and Bozeman in Montana.

"We are thrilled to have completed the acquisition of BlueStone Television and look forward to working together with BlueStone's talented employees as we embark upon the next stage in the history of this fine group of television stations," said Randy Bongarten, Chairman and Chief Executive Officer of Bonten Media Group. "Under the leadership of Sandy DiPasquale and the entire BlueStone management team, these stations have truly differentiated themselves as leaders in their markets, with high quality news franchises and a strong commitment to the communities they serve. We at Bonten Media Group, together with our network partners, will continue to focus on bringing the highest quality news and entertainment to our viewers, and being a valuable resource to our advertisers."

David Wittels, co-Founder and Senior Managing Director of Diamond Castle, said, "We are extremely pleased to be partnering with Randy Bongarten and his team of highly accomplished executives to form Bonten Media Group. Our investment in the company underscores our fervent belief in the future of broadcast television as the most powerful advertising medium to reach the local marketplace. The BlueStone stations are a terrific group of assets to acquire as the first step toward achieving our goal to create one of the leaders in the television broadcast industry."

About Bonten Media Group, LLC

Bonten Media Group, LLC was formed in November 2006 by Diamond Castle Holdings, LLC in partnership with Randall D. (Randy) Bongarten to acquire and operate network-affiliated television stations. Mr. Bongarten has over 33 years of experience in television and radio broadcasting, 31 of them in management positions. Most recently prior to the formation of Bonten Media Group, Mr. Bongarten served as President of Emmis Television, a station group comprised of 16 television stations in 14 markets across the United States. In addition to Mr. Bongarten, Bonten Media Group's management team includes several other experienced television executives with expertise in various functional disciplines, each of whom has more than 20 years of experience in his or her respective field. Bonten Media Group is headquartered in New York, New York.

About Diamond Castle Holdings, LLC

Diamond Castle Holdings, LLC is a private equity firm with $1.85 billion of committed capital under management. Founded in 2004 by five senior investment professionals from DLJ Merchant Banking Partners, Diamond Castle specializes in leveraged buyouts, growth capital and equity-like investments in both public and private companies. Diamond Castle targets investments in the following industry sectors: media and communications, energy and power, financial services, healthcare and diversified industries. Diamond Castle has 22 employees located in New York, New York. For more information on Diamond Castle, please visit our website at http://www.dchold.com/.

About Providence Equity Partners

Providence Equity Partners Inc. is the leading global private equity firm specializing in equity investments in media, entertainment, communications and information companies around the world. The principals of Providence Equity manage funds with approximately $21 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm's inception in 1989. Significant investments include Bresnan Broadband Holdings, Casema, Com Hem, Digiturk, Education Management Corporation, eircom, Freedom Communications, Idea Cellular, Kabel Deutschland, Metro-Goldwyn-Mayer, Ono, Open Solutions, PanAmSat, ProSiebenSat.1, Recoletos, TDC, Univision, VoiceStream Wireless, Warner Music Group, Western Wireless and Yankees Entertainment Sports Network. Providence Equity is headquartered in Providence, RI (USA) and has offices in New York, London, Hong Kong and New Delhi.

Source: Bonten Media Group, LLC

CONTACT: Bonten Media Group, LLC and Diamond Castle Holdings, LLC,
Jordana Miller, Financial Dynamics, +1-212-850-5733; BlueStone Television LLC,
Sandy DiPasquale, +1-316-315-0076; Providence Equity Partners, Andrew Cole,
+1-415-618-8750

Web site: http://www.dchold.com/

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Profile: International Entertainment